Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

CAD/JPY: sell targets - 80.00 and 79.00

By: Dmitriy Chernovolov

  • CAD/JPY reached sell target 82.00
  • Next sell targets - 80.00 and 79.00

CAD/JPY continues to fall after the earlier breakout of the support level 82.00, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level continues the active minor impulse wave 5 (which belongs to the intermediate impulse wave (3) from October) – which recently broke the daily down channel from last year, as you can see below.

 CAD/JPY is expected to fall further in the active downward impulse waves 5, (3) and ③ toward the next sell target at the support level 80.00 – the breakout of which can lead to further losses toward 79.00 (target price for the termination of the active impulse wave 5).

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